KuCoin to partner with SIG to launch blockchain start-up incubator.
Cryptocurrency exchange KuCoin raised $10 million in a strategic investment from Susquehanna International Group (SIG), one of the largest quantitative trading firms. Both the firms have partnered to incubate blockchain startups and build KuCoin Tokens and KuCoin Community Chain ecosystem.
This comes a few weeks after the sudden crash of short format video app Chingari’s Gari token which started from KuCoin’s platform, which held the highest number of tokens.
KuCoin will utilise the fresh capital to upgrade its platform infrastructure, global expansion and hiring, and enhance its product lineup. The exchange has 300 job openings to be filled at present.
Founded in 2017, KuCoin has developed into a top 5 crypto exchange with over 20 million users globally. Known as the home of altcoins, the platform supports over 700 tokens and 1,200 trading pairs.
Johnny Lyu, CEO of KuCoin, stated, “KuCoin has been through a few crypto cycles, and we are committed to building no matter what. We are delighted to announce that we have found another partner with the same vision and values. The support of SIG will solidify our leading role as a centralized exchange and facilitate our ecosystem expansion in the decentralized Web 3.0 world.”
Earlier in May 2022, KuCoin had raised $150 million led by Jump Crypto through a pre-Series B round, bringing its total investments to $170 million with Round A combined, at a total valuation of $10 billion, the exchange said.